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Simplicity to ramp up housing efforts
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Non-profit KiwiSaver provider and fund manager Simplicity says it wants to build and fund 25,000 new homes in the next 10 years.
It aims to try hit this goal by launching a new investment fund today that will essentially ramp up its existing programme to increase housing supply. That includes its build-to-rent operator Simplicity Living, offering cheaper mortgage rates to first home buyers and funding community housing providers.
Over the past three years those initiatives have led to a $340 million investment in housing across the country, with more than 1500 houses built or in development.
Simplicity managing director Sam Stubbs says if 5 percent of what is in term deposits now - equivalent to about $14 billion - were to be redirected to this fund that would be enough to achieve the 25,000 home target.